Thai inflation quickens in Oct but still below central bank target
12:27 am Wednesday, November 06th, 2024
BANGKOK (Reuters) – Thailand’s annual headline inflation rate quickened in October due to higher energy and food prices, the commerce ministry said on Wednesday, but still remained below the central bank’s target range of 1% to 3%.
The headline consumer price index (CPI) rose 0.83% in October from a year earlier, the commerce ministry said. That was below a forecast rise of 0.94% in a Reuters poll, and followed September’s annual increase of 0.61%. The core CPI, which excludes volatile food and energy prices, increased 0.77% in October from a year earlier, in line with a forecast rise of 0.79% in the poll. For the January-October period, average annual headline inflation was 0.26%, with core inflation at 0.52%.
The commerce ministry maintained its full-year inflation forecast of 0.2% to 0.8%, and Poonpong Naiyanapakorn, director of the ministry’s trade policy and strategy office, told reporters the 2024 figure would likely come in under 0.5%. Inflation is seen higher than 1% in November and December, and so was expected to be about 1.12% in the final quarter of 2024, Poonpong told a press conference.
(Reporting by Kitiphong Thaichareon and Thanadech Staporncharnchai; Editing by John Mair)
